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Question - On 1 July 2016 Titans Ltd acquired a 25% share of Taylor Ltd. At that date, the following assets had carrying amounts different to their fair values in Taylor's books.
Asset
Carrying amount
Fair value
Inventory
$24,000
$30,000
Machinery
$48,000
$60,000
All inventory was sold to third parties by 30 June 2017. On 1 July 2016, the machinery had a remaining useful life of 3 years.
The tax rate is 30%.
The adjustment required to the investment in associate account at 30 June 2018 in relation to the above assets is:
a. $1000.
b. $2450.
c. $2800.
d. $3500.
In addition, Perkins Company's income statement reported a loss on the sale of equipment of $4,500. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"?
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